(image from TargetWoman)

Over at Nokia-land, smartphone or PDA phone users can easily borrow money through SMS. Which works in a society where you can also for pay for many things with your mobile or handheld, like train fare and parking. Of course, such an easy source of money is quite tempting. Especially when ads promise that you'll get your money as quickly as five minutes.

Unfortunately, this creates some issues. irresponsible spenders will find themselves in a financial hole, thanks to interest rates that apparently border on usury. And like any other system, this one has its holes. People can steal money from others' accounts if they know their victims' national identification and number and have access to their phones.

To be honest, this industry smacks of exploitation. These borrow-through-SMS companies do create value, but only for their owners or shareholders. Given human nature, if this business spreads to other countries they'll find many willing customers. But then again, everything depends on the users, and it's never the tool's fault.

Thanks to NPR for the heads-up.

The First SMS Novel? The NPR article also features the novel Last Messages, which is narrated through text messages "sent between the main character and his friends and family."